The recent allegations by Hindenburg Research have brought renewed attention to India’s financial markets, particularly focusing on SEBI Chairperson Madhabi Puri Buch and the alleged conflict of interest involving her and her husband.
Hindenburg Research, a US-based short-seller, accused Buch and her husband of holding stakes in offshore entities allegedly linked to the Adani Group. The report suggests that this connection may explain SEBI’s perceived inaction against the conglomerate amid earlier claims of stock manipulation.
It’s important to mention that shares of most Adani group companies have already bounced back from the substantial losses they faced following Hindenburg’s initial report in January 2023. This report, which was said to be the result of two years of research, accused Adani Enterprises and other group companies of being involved in stock manipulation and accounting fraud over a span of several decades.
Adani Stocks Reaction (Monday, 9:15 AM)
Here’s how Adani stocks are reacting in the wake of these allegations:
- Adani Power: 4.88% lower at ₹661.45
- Adani Wilmar: 4.13% lower at ₹369.25
- Adani Energy Solutions: 2.46% lower at ₹1,076.70
- Adani Ports and Special Economic Zone: 1.88% lower at ₹1,505.00
- Adani Enterprises: 2.44% lower at ₹3,109.75
- Adani Green: 2.89% lower at ₹1,729.40
- Adani Total Gas: 4.66% lower at ₹829.35